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Jel Classification:D12 

Working Paper
Consumer Payment Choice for Bill Payments

Why do US consumers pay their bills the way they do? Using data from a recent diary of consumer payment behavior, we find that the type of bill consumers are paying and how they are paying (online or automatically) are important factors in determining the payment method, in addition to the dollar value of the bill and the demographic and income profile of the individual who is paying. In contrast, dollar value and demographic attributes are found to be the most important factors determining the payment instrument chosen for purchases. Consumer choices for bill payments are somewhat ...
Working Papers , Paper 20-9

Report
Latent Heterogeneity in the Marginal Propensity to Consume

We estimate the distribution of marginal propensities to consume (MPCs) using a novel clustering approach that generalizes the fuzzy C-means algorithm to regression settings. We apply the estimator to the 2008 stimulus payments, exploiting the randomized timing of disbursements, and find considerable heterogeneity in MPCs that varies by consumption good. We document observable determinants of this heterogeneity, without imposing ex ante assumptions on such relationships; MPCs correlate positively with income and the average propensity to consume, but much heterogeneity remains unexplained. ...
Staff Reports , Paper 902

Report
How do speed and security influence consumers' payment behavior?

The Federal Reserve Financial Services (FRFS) strategic plan for 2012-2016 named improvements in the end-to-end speed and security of the payment system as two of its policy initiatives. End-to-end in this context means that for the first time end-users are explicitly included. Earlier versions of the strategy plan were circulated for public comment, and the feedback received by FRFS specifically identified a need for further research. This brief draws upon new data from the 2013 Survey of Consumer Payment Choice and employs econometric modeling and simulation to complement FRFS-commissioned ...
Current Policy Perspectives , Paper 15-1

Report
The 2012 diary of consumer payment choice

This paper describes the results, content, and methodology of the 2012 Diary of Consumer Payment Choice (DCPC), the first edition of a survey that measures payment behavior through the daily recording of U.S. consumers? spending by type of payment instrument. A diary makes it possible to collect detailed information on individual payments, including dollar amount, device (if any) used to make the payment (computer, mobile phone, etc.), and payee type (business, person, government). This edition of the DCPC included about 2,500 participants and was conducted in October 2012. During that month, ...
Research Data Report , Paper 18-1

Report
The 2016 and 2017 surveys of consumer payment choice: summary results

Despite the introduction of new technology and new ways to make payments, the Survey of Consumer Payment Choice (SCPC) finds that consumer payment behavior has remained stable over the past decade. In the 10 years of the survey, debit cards, cash, and credit cards consistently have been the most popular payment instruments. In 2017, U.S. consumers ages 18 and older made 70 payments per month on average. Debit cards accounted for 31.8 percent of those monthly payments, cash for 27.4 percent, and credit cards for 23.2 percent. The SCPC continues to measure new ways to shop and pay and found ...
Research Data Report , Paper 18-3

Report
The 2015 and 2016 diaries of consumer payment choice: technical appendix

This document serves as the technical appendix to the 2015 and 2016 editions of the Diary of Consumer Payment Choice (DCPC) administered by the Center for Economic and Social Research. The DCPC is a study designed primarily to collect data on financial transactions over a three-day period by U.S. consumers ages 18 and older. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Research Data Report , Paper 18-2

Report
The 2011 and 2012 Surveys of Consumer Payment Choice: technical appendix

This document serves as the technical appendix to the 2011 and 2012 Surveys of Consumer Payment Choice. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to study the evolving attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found on http://www.bostonfed.org/economic/cprc/SCPC. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Research Data Report , Paper 14-2

Report
The 2014 survey of consumer payment choice: summary results

In 2014, the average number of U.S. consumer payments per consumer per month decreased to 66.1, in a statistically insignificant decline from 67.9 in 2013. The number of payments made by paper check continued to decline, falling by 0.7 to 5.0 checks per month, while the number of electronic payments (online banking bill payments, bank account number payments, and deductions from income) increased by 0.6 to 6.9 of these payments per month. The monthly shares of debit cards (31.1 percent), cash (25.6 percent), and credit cards (23.3 percent) continued to be largest; while the share of ...
Research Data Report , Paper 16-3

Report
The 2011 and 2012 Surveys of Consumer Payment Choice

In 2012, the number of consumer payments did not change significantly from 2010 as the economy settled into steady expansion following the financial crisis and recession. After increasing by 28 percent from 2008 to 2010, cash payments by consumers fell back by 10 percent from 2010 to 2012, while the share of cash payments dropped for a third straight year to 26.8 percent. However, the number and dollar value of cash withdrawals and the dollar value of cash holdings by consumers increased in 2012. Credit and charge card payments by consumers, which declined in 2009, rebounded further, ...
Research Data Report , Paper 14-1

Report
Do consumers rely more heavily on credit cards while unemployed?

Leading up to the Great Recession, households increased their credit card debt by over 16 percent ($121 billion) during the five-year period from 2004 to 2009. The unemployment rate simultaneously began to rise in 2008, increasing from 5.0 percent in January 2008 to a high of 10.0 percent in October of 2009. During the recovery, from 2009 to 2014, credit card debt fell by more than 25 percent, as the unemployment rate returned to near prerecession levels. These coincident developments have led to speculation that consumers facing unemployment or job uncertainty may have increased their ...
Research Data Report , Paper 16-6

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